Could the latest model from Vietnamese electric vehicle (EV) manufacturer, VinFast, be the solution to EV affordability?
VinFast, a Vietnamese automaker, has delivered the first orders of its most affordable EV model, the VF 5 Plus. The entry-level EV has a starting price of around $20,000.
Reservations were opened in December 2022, when the VF 5 Plus gained 3,000 potential customers within 9 hours. VinFast has stated that the shortening of the time from reservation to delivery to only four months demonstrates its commitment to its customers.
The VF 5 Plus boasts a single electric motor that produces 100 kilowatts of power and an estimated driving range of over 186 miles on a single charge.
The vehicle comes with a 37.2-kilowatt-hour battery pack, but it’s worth noting that VinFast charges separately for it, either by a monthly $68 subscription or by an additional charge of about $3,000 to the final price of the car, for a total of $23,000.
The VinFast VF 5 benefits from a 7-year or 87,000-mile warranty, non-stop mobile service and roadside assistance, as well as access to Vietnam’s 150,000 charging ports for EVs and electric scooters.
However, the small VinFast model is not part of the Vietnamese carmaker’s lineup in the United States. The company is focusing on its bigger models, the VF 8 and VF 9 electric SUVs, for the North American market. Despite this, there is still a question of whether a small and affordable SUV like the VinFast VF 5 Plus would have a chance on the American market.
The affordability of EVs is becoming increasingly important, as we march towards our decarbonisation deadlines. The launch of the VinFast VF 5 Plus at an affordable price point is a positive step towards making EVs more accessible to a wider audience.
The company’s focus on offering an EV for everyone, along with its commitment to developing affordable EVs, could help accelerate the transition towards a sustainable future. Lower EV prices could also help drive demand for EVs and increase market share, leading to an even greater economic incentive for automotive manufacturers to focus on emobility.